Sanctions 01 May, 2014

Sanctions in Respect of Ukraine and Russia

Further to recent Notices to Members on this subject (No’s 1, 2 and 3 2014/2015), both the EU and the US have further expanded the number of individuals and entities to which travel plans and asset freezes have been applied. As before, these parties are said to be closely linked to the Russian Government and/or to the current unrest in Crimea and Eastern Ukraine.

The Club’s US advisors Freehill Hogan & Mahar have issued a helpful client alert and which includes a link to the list of parties added by the US. The corresponding Notices issued by the EU can be found here: notice dated 6th March, notice dated15th April.

Members are strongly advised to proceed with caution when dealing with Russian or Ukrainian counterparties and to satisfy themselves that no sanctioned individual or entity is involved in the potential trade.  Failure to do so may result in exposure to EU and/or US sanctions and to the loss of Club cover.

Members should contact the Managers with any questions concerning the impact of these and any other sanctions - Tony.Paulson@westpandi.com or Robert.Searle@westpandi.com.